Oil prices ticked upward on Thursday in the global commodities market after the Group of Seven (G7) industrialized nations unveiled fresh measures aimed at tightening restrictions on countries purchasing crude oil from Russia. This ongoing trade relationship has drawn further scrutiny from the United States, which has imposed sanctions to limit Russia’s energy revenues. In a statement following a virtual meeting on Wednesday, G7 finance ministers confirmed plans to target buyers of Russian crude and entities accused of helping Russia bypass existing sanctions. “Now is the time to maximize pressure on Russia’s oil exports, which remain a critical source of revenue,” the ministers declared, adding that countries expanding their Russian oil purchases since the Ukraine invasion could face consequences. Gasoline stockpiles also expanded, rising by 4.1 million barrels to 220.7 million.